Ellis and Comer set for talks on Villa takeover

Aston Villa's chairman Doug Ellis and the major shareholder Jack Petchey will meet with representatives of the Irish-owned property company Comer Homes Group this week to decide whether to sell their stake in the Premiership club, paving the way for a £64.4m takeover.

The Comer Homes Group, which has assets of £1bn, has made a bid of £5.60 per share, valuing Villa at more than £60m, although reports that Ellis and Petchey have already accepted the offer are understood to be premature. "It is not that far down the road," said a Villa source. However, the offer would appear to meet Ellis's valuation of the club, increasing the likelihood that the Villa chairman, whose tenure spans 37 years, will finally agree to relinquish control when the parties convene, possibly on Wednesday.

Ellis, 81, who owns a 38% stake in Villa, is unlikely to receive much opposition from Petchey. The property dealer has been eager to cash in on his 20% holding in the club . He stands to make a sizeable profit after acquiring Villa shares when the price was at a low. There would also be a huge financial gain for Ellis, who would be expected to retain a non-executive place on the board as part of the takeover agreement.

If the deal goes through Villa would become part of a conglomerate in which Comer Homes has ultimate responsibility for the running of the club.